No papers to print new naira notes– Emefiele

The Governor of Central Bank of Nigeria, Goodwin Emefiele on Friday, told the leaders that the Nigerian Security Printing and Minting Plc (The Mint), that the system suffers capacity constraints resulting in the failure to print adequate new notes to replace the old N200, N500 and N1,000 notes.

Furthermore, Premium Times reported that The Mint’s capacity constraints rest on not having enough papers to print new Naira notes.

“The Mint has run out of papers to print N500 and 1,000 notes,” a source said, explaining the supply constraints The Minit faces.

“They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list so their orders cannot be met now,”

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The source said The Mint had received CBN’s request to print 70 million copies of the new notes, totalling N126 billion to be pumped into circulation by today, the source added, regretting, however, that the request could not be met because “The Mint doesn’t have the capacity.”